Sister has got herself into deep doodoo financialy, and has incurred a massive amount of debt.
She cannot access any of the better deals for credit on the market, as her credit rating is shot to hell - other family members have given her money to pay off most pressing CC debts to basically stop her going bankrupt.
I have 4 rental properties, 2 with BTL mortgages totalling about £140K. (I also have savings to pay these off in cash - just pointless at the moment because rates are so low).
Properties are owned jointly with my DH, including our own home.
The 2 mortgaged properties are due out of the fixed discount period in August of this year, so currently looking at options, plenty of equity inl properties.
Single sister has mortgage on her home (remortgaged to the hilt) with Coventry BS, and cannot access a better deal, as she missed 2 payments last year, and has taken advantage of a 3 month "mortgage holiday" every year.
I am wondering if we added my name to her residential mortgage, my impeccable credit rating may help her access a better deal, as she currently paying out over £1K of her salary each month just to pay the mortgage, and I can comfortably afford it.
I am aware that this will throw up other issues,(for both of us), but at the moment, just looking at reducing outgoing costs to lesson the interest accruing to the already substatial debt.
Sister has a good job, and earns about £70K pa working in food manufacture/production, as safe as any occupation is at this time.
Is this a potential solution to help her?.(Otherther family member has taken control of her finances and has access to her bank account so can monitor her outgoings).
Advice welcome.
Meg.
